The Assistant Minister for Trade, Tourism and Investment, the Hon. Keith Pitt MP, will lead a business delegation to Saudi Arabia and the United Arab Emirates this week to deepen trade and investment links.
The delegation of Australian companies, which focuses on the Mining, Equipment, Technology and Services Sector, follows a visit by the Minister of Trade, Tourism and Investment, Steven Ciobo, in April to Riyadh and Abu Dhabi.
“The Minister was very impressed with his visit to Riyadh and Abu Dhabi in April and with the exciting economic diversification agendas being pursued,” Mr Pitt said.
“I will meet with senior government leaders and the representatives from business communities. Saudi Arabia, a fellow G20 economy, is an important trading partner, with two-way trade worth AU$2.4 billion in 2016. The UAE is already Australia’s largest trade and investment partner in the region, with two-way trade of AU$7.9 billion and significant potential for growth, and there is great potential to grow the relationship.”
Resource development is a key priority in the region and Australian capability in the METS sector can assist with developing the countries’ mineral reserves, including world-class mine safety expertise and equipment and services that deliver significant efficiency gains.
The Gulf region is also an important source of foreign direct investment in Australia, and Mr Pitt said he would advocate for the resumption of Free Trade Agreement negotiations with the Gulf Cooperation Council to further boost our ties in both trade and investment.
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